中央企业并购重组是因势利导还是自我需要?

Status Analysis and Countermeasures of the State-owned Key Enterprises’ M&A and Restructuring Based on Financial Perspective

在中国经济转型升级的大背景下,本文解释并概括了中央企业并购重组的背景、发展状况、存在问题及相关对策。本文通过阐述央企重组在各阶段的特征,基于不同行业与不同报表的差异,结合央企并购前后绩效指数的变化趋势,以舞弊三角理论为基础,重点从合并会计方法选择与合并报表公信力的视角,深入分析了央企积极参与并购重组的动因。针对在新一轮重组浪潮中的突出问题,本文基于央企的双重性,从政府和央企的角度提出了具有中国特色的央企并购重组政策建议。

From the background of China’s economic transformation and upgrading,this article explains and summarizes the research background,development status,existing problems,and related countermeasures of the merger and reorganization of stateowned key enterprises(SOKEs).By expounding the stage characteristics of central enterprise reorganization in various stages,and combining the trend of changes in performance index before and after the merger of SOKEs from the perspective of different industries and different reports.Based on the theory of fraud triangles,the in-depth analysis of the motivation of‘SOKEs are keen to merge and restructure’was made from the perspective of the choice of accounting consolidation methods and the credibility of the consolidated statements.In the end,aiming at outstanding problems in the new round of restructuring,based on the dual nature of the SOKEs,individual opinions were put forward from the perspective of the government and the SOKEs,and the policy recommendations on the merger and reorganization of SOKEs with Chinese characteristics were proposed.